Qube Cinema and UFO Moviez set to merge

Chennai: The boards of directors of UFO Moviez India Ltd and Qube Cinema (formerly Real Image) have approved the merger of two entities. In a stock exchange filing made by UFO on Thursday, the company said that the merger is in a move to strengthen its position in India’s digital cinema distribution and in-cinema advertising industry. Valuation details of the transaction were not disclosed except for the merger ratio based on relative valuation to be at 63.6% for UFO and 36.4% for Qube Digital.UFO is backed by PE firm Providence Equity Partners while Qube is backed by Intel Capital and Nomura.